CVS/pharmacy posted a 10.3% increase in net revenue in the third quarter. As the economy continues to recover and the pharmacy sector continues to grow, positive returns shouldn't be surprising. However, the numbers CVS Health brand is putting up are almost unprecedented. A major reason for the growth came from the acquisition of Omnicare, which continues to prove the innovation of CVS/pharmacy. Omnicare allowed CVS/pharmacy to expand into the niche pharmacy market for senior living and long-term care facilities and provide care to a population who may never go into a retail pharmacy.
Another major reason for the revenue spike was attributed to MinuteClinic.
Started in 2005, MinuteClinic became part of the CVS Health brand family to offer affordable, convenient health care to consumers. Expanding a basic retail pharmacy into the urgent care and pharmacy services spaces help keep CVS/pharmacy’s competitive edge. Raising the versatility of the brand and the ways in which the brand interacts with consumers, B2B or B2C ensures future financial stability and success.
CVS/pharmacy's versatility is feeding its growth. It's growing past the point of a retail pharmacy and making a huge impact in the B2B space, particularly in
corporate wellness. When building an employee health and wellness program and determining what rewards are offered within that program, CVS can serve as an excellent partner in wellness. Their Gift Card Product Suite has become an ideal choice for employers who want to provide healthy products that support an employee's lifestyle. The CVS Select Card, for example, is a selectively filtered gift card that eliminates unhealthy products like candy or alcohol from an employees redemption options. CVS/pharmacy allows you to provide rewards for recognition or incentives towards engagement that truly support your programs overall mission.
CVS/pharmacy's expansion continues to affect the growth and success of the employee health and wellness sector. Since CVS/pharmacy is a leading provider of health and wellness rewards with their suite of gift card options, they continue to innovate how employers deliver health and wellness rewards to employees.
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